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Capital One Closes $242.7MM Loan to Recapitalize Seniors Housing Portfolio

July 24, 2018, 08:00 AM
Filed Under: Real Estate

Capital One announced that it acted as sole lead arranger, sole bookrunner, and administrative agent on a $242.7 million senior secured term loan for a joint venture managed by Seattle based alternative investment firm, Columbia Pacific Advisors. The proceeds were used to facilitate the recapitalization and acquisition of a portion of the joint venture’s assets including 18 seniors housing facilities in 11 states.
“Our team was able to underwrite, syndicate, and close the transaction in approximately 70 days, to meet Columbia Pacific’s hard close date,” said Dague Retzlaff, senior vice president, Capital One Healthcare. “This was a large, complex transaction and required an in-depth understanding of each individual type of seniors housing and care.” The 2,310-bed portfolio consists of 196 independent living, 1,257 assisted living, 378 memory care, and 479 skilled nursing beds.
“The Capital One Capital Markets group provided a ‘Highly Confident’ rating for the syndication, giving us the certainty of execution that was essential to this deal,” said Todd Seneker at Columbia Pacific. “The team demonstrated an understanding of our goals and worked closely with us throughout the process.”
Capital One Healthcare is a provider of financial services to the industry. Customers across healthcare sectors—including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices—rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. 



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